Obama attacks credit card companies, McCain

[DJ13]

46 minutes ago

CHICAGO (Reuters) - Democratic presidential candidate Barack Obama charged on Wednesday that U.S. credit card companies are tricking Americans with deceptive practices and that Republican John McCain has done nothing to stop it.

....

"For too long, credit card companies have been using unfair and deceptive practices to trick Americans into signing agreements they can't afford," Obama said.

....

Obama said "John McCain has been part of the problem," accusing the presumptive Republican nominee of siding with banking industry lobbyists on credit issues and voting against an effort to increase transparency on credit card bills.

"When he had the chance to help families avoid falling into debt, John McCain sided with the credit card companies," Obama said of the Arizona senator.

Obama said he backed a "credit card bill of rights" that would ban unilateral changes in the terms of credit card agreements without written consent from the consumer, among other requirements.

http://news.yahoo.com/s/nm/20080611/pl_nm/usa_politics_obama_dc_1;_ylt=ApRtV4kbK5vLHFkpJXSHnSkE1vAI

:woohoo:

[Blue_Roses]

1. wow, he's on a roll!

:bounce:

[BlooInBloo]

2. Well that'll about do it for the Biden-for-veep talk.

[ayeshahaqqiqa]

3. Yep

Obama's talking bread and butter to Mr. and Mrs. America.

[Indenturedebtor]

4. Ah it's so good to have a strong Dem bringing the fight to the facists!

If he doesn't get elected I am seriously going to weep.

[slinkerwink]

5. goBama!

[SoCalDem]

6. Unfortunately the credit card companies are out of control

and I'm not sure anyone can rein them in..

They have to be forced to go back to doing things the way they USED to.

BUT...

there would be millions of people DEMANDING raises if they no longer could augment their incomes with plastic cards, charging stuff they'll never live long enough to pay for..

Credit card issuance used to be dependent on INCOME..and credit limits were very low compared to now..

Before we 86-ed our cards, we "could have" gone crazy and charged up about 150K-worth of "stuff"..Once card alone, had a "limit" of 23K...That's RIDICULOUS..

[cpamomfromtexas]

7. Excellent point on demanding pay raises!